Visa 2008 Annual Report Download - page 52

Table of Contents
ITEM 7. Management's Discussion and Analysis of Historical and Pro Forma Financial Condition and Results of Operations
Transparency and clarity are integral to successful financial reporting and we continually strive to provide informative financial disclosures with an
accurate view of our operating results and financial position.
Our management's discussion and analysis ("MD&A") provides a review of the results of operations, financial condition and the liquidity and capital
resources of Visa Inc. and its subsidiaries ("Visa", "we", "our", and the "Company") on a historical and pro forma basis and outlines the factors that have
affected recent earnings, as well as those factors that may affect future earnings. Our MD&A is presented in nine sections:
• Overview
• Results of Operations
• Liquidity and Capital Resources
• Off-Balance Sheet Arrangements
• Contractual Obligations
• Related Parties
• Critical Accounting Estimates
• Impact of Recent Accounting Pronouncements
• Quantitative and Qualitative Disclosures about Market Risk
The following discussion and analysis should be read in conjunction with Visa Inc.'s audited consolidated financial statements and related notes
included elsewhere in this report.
Overview
Visa operates the world's largest retail electronic payments network and manages the world's most recognized global financial services brand. We
provide financial institutions with platforms that encompass consumer credit, debit, prepaid and commercial payments. We facilitate global commerce
through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities. Each of these
constituencies has played a key role in the ongoing worldwide migration from paper-based to electronic forms of payment, and we believe that this
transformation will continue to yield significant growth opportunities. We will continue to explore additional opportunities to enhance our competitive
position by expanding the scope of payment services to benefit our existing customers and to position Visa to serve more and different constituencies.
In order to respond to industry dynamics and enhance Visa's ability to compete, Visa consummated a reorganization in October 2007 in which Visa
U.S.A., Visa International, Visa Canada and Inovant became direct or indirect subsidiaries of Visa Inc., a Delaware stock corporation. Visa Europe remained
an independent company owned by its financial institutions. To further enhance our competitive position, we successfully completed an IPO in March 2008.
Further details of our reorganization and IPO are discussed below in "The Reorganization and IPO." We believe that successful completion of the
reorganization and IPO position us to best execute our business strategy.
The global alignment of various functions and best practices subsequent to the IPO provides us the business scale to effectively deliver our existing core
products across more and different geographies in the near term and to accelerate the delivery of product innovations across different market segments in the
long term. The alignment of our global sales and new product development functions will also help to deliver consistent and superior client services that meet
local market needs.
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